Price trend

According to the monitoring of nickel prices by SunSirs, on the 15th, the average spot market price of nickel was 167,450 RMB/ton, a decrease of 1.12% from the previous trading day and a year-on-year decrease of 7.98%.

Analysis review

Recently, nickel prices fluctuated widely at low levels due to the Indonesian government's anti-corruption investigation by the Ministry of Energy and Mines, which had led to slow approval of new production quotas for various nickel mines. In addition, some mines were unable to continue shipping due to the depletion of production quotas, causing a tense supply atmosphere in the nickel ore market. After the news was released, nickel prices had slightly increased. However, for nickel prices, although some of the raw materials in the newly added pure nickel projects came from high nickel matte produced by pyrometallurgy, some still came from MHP produced by hydrometallurgy. Therefore, the impact of this news on nickel prices was relatively small. Moreover, under the consensus expectation of a medium-term excess supply of pure nickel in the market, nickel prices fell again after rising.

On the macro level, the interest rate path of the Federal Reserve was uncertain, and the market was looking forward to more data guidance. Domestic social finance data was significantly lower than expected, and the real estate market sentiment was declining. Macro bearish sentiment suppressed the upward trend.

Market outlook

It is expected that under the fundamentals of oversupply, nickel prices will remain low and fluctuate widely.

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